$ZTS
Zoetis Inc.

2022 Q3 Form 10-Q Financial Statement

#000155528022000231 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $2.002B $2.052B $1.967B
YoY Change 0.6% 5.34% 8.85%
Cost Of Revenue $607.0M $625.0M $596.0M
YoY Change 3.58% 10.04% -0.33%
Gross Profit $1.395B $1.427B $1.371B
YoY Change -0.64% 3.41% 13.4%
Gross Profit Margin 69.68% 69.54% 69.7%
Selling, General & Admin $501.0M $529.0M $593.0M
YoY Change -0.6% 6.87% 14.04%
% of Gross Profit 35.91% 37.07% 43.25%
Research & Development $134.0M $135.0M $138.0M
YoY Change 1.52% 12.5% 3.76%
% of Gross Profit 9.61% 9.46% 10.07%
Depreciation & Amortization $115.0M $117.0M $117.0M
YoY Change 4.55% 4.46% 7.34%
% of Gross Profit 8.24% 8.2% 8.53%
Operating Expenses $635.0M $664.0M $774.0M
YoY Change -0.16% 7.97% 11.05%
Operating Profit $760.0M $763.0M $597.0M
YoY Change -1.04% -0.26% 16.6%
Interest Expense $53.00M $53.00M -$59.00M
YoY Change -5.36% -7.02% -4.84%
% of Operating Profit 6.97% 6.95% -9.88%
Other Income/Expense, Net $3.000M -$2.000M
YoY Change -175.0% -80.0%
Pretax Income $667.0M $670.0M $506.0M
YoY Change 1.21% 5.35% 20.48%
Income Tax $139.0M $141.0M $93.00M
% Of Pretax Income 20.84% 21.04% 18.38%
Net Earnings $529.0M $529.0M $414.0M
YoY Change -4.17% 3.32% 15.32%
Net Earnings / Revenue 26.42% 25.78% 21.05%
Basic Earnings Per Share $1.13 $1.13
Diluted Earnings Per Share $1.13 $1.12 $870.5K
COMMON SHARES
Basic Shares Outstanding 468.1M shares 470.0M shares 473.1M shares
Diluted Shares Outstanding 469.1M shares 471.5M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.503B $2.648B $3.482B
YoY Change -23.5% -27.59% -3.33%
Cash & Equivalents $2.507B $2.652B $3.485B
Short-Term Investments
Other Short-Term Assets $552.0M $503.0M $389.0M
YoY Change 44.88% 20.33% 6.28%
Inventory $2.303B $2.205B $1.923B
Prepaid Expenses
Receivables $1.189B $1.291B $1.133B
Other Receivables $0.00 $0.00 $47.00M
Total Short-Term Assets $6.551B $6.651B $6.930B
YoY Change -1.96% -5.63% 4.83%
LONG-TERM ASSETS
Property, Plant & Equipment $2.623B $2.559B $2.422B
YoY Change 12.19% 11.94% 9.99%
Goodwill $2.692B $2.720B $2.682B
YoY Change -0.41% 0.07% -0.45%
Intangibles $1.319B $1.390B $1.474B
YoY Change -16.09% -15.24% -13.8%
Long-Term Investments
YoY Change
Other Assets $161.0M $147.0M $111.0M
YoY Change 43.75% 51.55% 4.72%
Total Long-Term Assets $7.123B $7.119B $6.970B
YoY Change 1.42% 1.4% -0.27%
TOTAL ASSETS
Total Short-Term Assets $6.551B $6.651B $6.930B
Total Long-Term Assets $7.123B $7.119B $6.970B
Total Assets $13.67B $13.77B $13.90B
YoY Change -0.23% -2.13% 2.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $373.0M $430.0M $436.0M
YoY Change -3.62% 16.53% -4.6%
Accrued Expenses $936.0M $933.0M $710.0M
YoY Change 0.43% 5.42% 27.7%
Deferred Revenue
YoY Change
Short-Term Debt $3.000M $2.000M $0.00
YoY Change -50.0% -100.0%
Long-Term Debt Due $1.350B $1.350B $0.00
YoY Change 125.0% -100.0%
Total Short-Term Liabilities $2.880B $3.051B $1.797B
YoY Change 95.79% 45.91% -17.19%
LONG-TERM LIABILITIES
Long-Term Debt $5.210B $5.221B $6.592B
YoY Change -20.96% -20.8% -0.05%
Other Long-Term Liabilities $239.0M $233.0M $239.0M
YoY Change -4.78% -4.9% -11.48%
Total Long-Term Liabilities $5.449B $5.454B $6.831B
YoY Change -20.37% -20.23% -0.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.880B $3.051B $1.797B
Total Long-Term Liabilities $5.449B $5.454B $6.831B
Total Liabilities $9.012B $9.190B $9.356B
YoY Change -0.13% -5.42% -4.88%
SHAREHOLDERS EQUITY
Retained Earnings $8.533B $8.004B $7.186B
YoY Change 21.14% 23.29% 26.98%
Common Stock $5.000M $5.000M $5.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.139B $3.766B $2.952B
YoY Change 50.02% 46.65% 32.38%
Treasury Stock Shares 35.45M shares 33.28M shares 29.32M shares
Shareholders Equity $4.663B $4.580B $4.543B
YoY Change
Total Liabilities & Shareholders Equity $13.67B $13.77B $13.90B
YoY Change -0.23% -2.13% 2.14%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $529.0M $529.0M $414.0M
YoY Change -4.17% 3.32% 15.32%
Depreciation, Depletion And Amortization $115.0M $117.0M $117.0M
YoY Change 4.55% 4.46% 7.34%
Cash From Operating Activities $526.0M $336.0M $679.0M
YoY Change -19.45% -30.15% -5.43%
INVESTING ACTIVITIES
Capital Expenditures -$154.0M -$146.0M -$168.0M
YoY Change 29.41% 29.2% 10.53%
Acquisitions
YoY Change
Other Investing Activities $30.00M -$57.00M $26.00M
YoY Change 500.0% 119.23% -204.0%
Cash From Investing Activities -$124.0M -$203.0M -$142.0M
YoY Change 8.77% 46.04% -19.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -529.0M -610.0M -314.0M
YoY Change -42.44% 110.34% -47.4%
NET CHANGE
Cash From Operating Activities 526.0M 336.0M 679.0M
Cash From Investing Activities -124.0M -203.0M -142.0M
Cash From Financing Activities -529.0M -610.0M -314.0M
Net Change In Cash -127.0M -477.0M 223.0M
YoY Change -66.58% -1017.31% -498.21%
FREE CASH FLOW
Cash From Operating Activities $526.0M $336.0M $679.0M
Capital Expenditures -$154.0M -$146.0M -$168.0M
Free Cash Flow $680.0M $482.0M $847.0M
YoY Change -11.92% -18.86% -2.64%

Facts In Submission

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<div style="margin-bottom:6pt;margin-top:12pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">1. Organization </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Zoetis Inc. (including its subsidiaries, collectively, Zoetis, the company, we, us or our) is a global leader in the animal health industry, focused on the discovery, development, manufacture and commercialization of medicines, vaccines, diagnostic products and services, biodevices, genetic tests and precision animal health technology. We organize and operate our business in two geographic regions: the United States (U.S.) and International. </span></div>We directly market our products in approximately 45 countries across North America, Europe, Africa, Asia, Australia and South America. Our products are sold in more than 100 countries, including developed markets and emerging markets. We have a diversified business, marketing products across eight core species: dogs, cats and horses (collectively, companion animals) and cattle, swine, poultry, fish and sheep (collectively, livestock); and within seven major product categories: parasiticides, vaccines, dermatology, other pharmaceutical products, anti-infectives, animal health diagnostics and medicated feed additives.
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us-gaap Profit Loss
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CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Guarantees Indemnifications And Warranties Policies
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B. Guarantees and IndemnificationsIn the ordinary course of business and in connection with the sale of assets and businesses, we indemnify our counterparties against certain liabilities that may arise in connection with the transaction or related to activities prior to the transaction. These indemnifications typically pertain to environmental, tax, employee and/or product-related matters and patent-infringement claims. If the indemnified party were to make a successful claim pursuant to the terms of the indemnification, we would be required to reimburse the loss. These indemnifications are generally subject to threshold amounts, specified claim periods and other restrictions and limitations. Historically, we have not paid significant amounts under these provisions and, as of June 30, 2022, recorded amounts for the estimated fair value of these indemnifications were not significant.
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Depreciation Depletion And Amortization
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